Dogecoin (DOGE) Skyrockets 1,645% in Bullish Whale Activity

Dogecoin Whales Drive Massive On-Chain Surge

Despite the lull in volatility over the weekend, the crypto market remains active with trades occurring around the clock. One notable highlight was the surge in Dogecoin (DOGE) on-chain activity.

According to data from IntoTheBlock, the Large Holders Netflow metric, which tracks the difference between inflows and outflows for addresses holding over 0.1% of the circulating supply, saw a staggering 1,645% spike. Over the course of the day, inflows minus outflows surged from 22.35 million DOGE to 367.82 million DOGE.

This surge was driven by a sudden influx of 405.82 million DOGE into these large holder wallets, while outflows decreased by approximately 72 million DOGE. Such a divergence between inflows and outflows is uncommon, as the two metrics typically correlate.

Whales Accumulating DOGE

This data reveals that Dogecoin whales have been accumulating more DOGE than they have sold in the past 24 hours. While the overall market remains relatively calm, this activity points to potential bullish sentiment among large investors.

As volatility subsides, whales and "smart money" often make their moves during periods of accumulation. The current price stability provides an opportunity for them to accumulate DOGE at favorable prices.